31 Oct 2012 16:25
Joint announcement
Maven Income and Growth VCT 4 PLC
Ortus VCT PLC
Potential Merger pursuant to a Scheme of Reconstruction under s.110 of the Insolvency Act 1986
The boards of Maven Income and Growth VCT4 PLC and Ortus VCT PLC are pleased to announce that they have entered into discussion to merge the companies.
A merger is expected to achieve, amongst other things, cost savings and administrative efficiency through the creation of an enlarged VCT to provide benefits for all shareholders. The proposed merger will be subject to approval by shareholders of both companies.
The intention is that any merger would be completed pursuant to a s.110 scheme of reconstruction under the Insolvency Act 1986 by transferring that assets and liabilities of Ortus VCT PLC to Maven Income and Growth VCT 4 PLC in consideration for new shares in Maven Income and Growth VCT 4 PLC to be issued to shareholders of Ortus VCT on a relative net asset value basis. A merger on this basis will be outside the provisions of The City Code on Takeovers and Mergers.
A further announcement will be made in due course.
Enquiries:
Maven Capital Partners UK LLP
0141 306 7400
enquiries@mavencp.com
Maven I&g 4 (MAV4)